Berlin: German biotech firm BioNTech reported a loss of £665.3 million ($721 million) in 2024, as demand for its COVID-19 vaccines fell, according to the company's financial results report on Monday. The company, which posted a £930.3 million profit in 2023, failed to make a profit in a fiscal year for the first time since 2019.

According to Anadolu Agency, BioNTech's revenues decreased by 27% last year compared to the previous year to £2.75 billion. "The decrease in revenues was primarily driven by lower sales of the company's COVID-19 vaccines due to reduced market demand," the report stated. It further noted that write-downs by BioNTech's collaboration partner Pfizer Inc. significantly reduced the company's gross profit share, adversely affecting its revenues.

The company's net profit per share, which was £3.83 in 2023, turned into a loss of £2.77 in 2024. Despite these setbacks, BioNTech is targeting revenue of between £1.7 and £2.2 billion this year.

BioNTech remains optimistic about its future prospects. Despite the losses and decline in sales, the company has sufficient resources to invest in the development of new drugs against cancer. BioNTech had a total of £17.4 billion in cash and securities at the end of 2024, as highlighted in the financial report.

Prof. Ugur Sahin, CEO of BioNTech, stated, "We expect 2025 to be a data-rich year with multiple important updates from our priority programs, which we believe have disruptive potential and could improve the standard of care if successfully developed and approved."

The company earned more than £20 billion from the sales of the COVID-19 vaccine developed with its US partner Pfizer.